New Delhi: Sam Bankman-Fried, known as ‘SBF,’ emerged as a notable figure in the world of cryptocurrency as the founder of FTX, a major cryptocurrency exchange. His journey began after leaving a Wall Street job to start a cryptocurrency hedge fund, Alameda Research, in 2017.
Two years later, he launched FTX, which allowed users to trade digital assets like Bitcoin. Here’s how his journey began on the latter of success. (Also Read: Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison –How Did The Biz Collapse? Explained)
Sam Bankman-Fried: Early Life
Born on March 6, 1992, in California, Bankman-Fried grew up in a family of highly educated parents, both professors at Stanford Law School. (Also Read: Big Blow To Home Loan Borrowers! HDFC Bank Raises Lending Rates To 9.8%)
Sam Bankman-Fried: Education
He attended Crystal Springs Uplands School and later graduated from the Massachusetts Institute of Technology (MIT) with a degree in physics and a minor in mathematics.
Sam Bankman-Fried: Starting Of Professional Career
He interned at Jane Street Capital during his time at MIT and eventually joined the firm as a full-time employee after graduation.
Sam Bankman-Fried: Rise To Prominence
Bankman-Fried quickly rose to prominence, with his net worth exceeding $26 billion, making him one of the richest individuals in America before turning 30.
He gained attention not only for his financial success but also for his unconventional appearance and demeanor, often sporting unkempt curly hair and rumpled shorts.
Sam Bankman-Fried: Legal Troubles
However, Bankman-Fried’s success came crashing down with allegations of fraud and embezzlement. In November 2023, a New York jury found him guilty on seven counts, including wire fraud and conspiracy charges. Prosecutors accused him of embezzling customer funds and using them to cover losses at Alameda Research.
Sam Bankman-Fried: Sentencing
Bankman-Fried was ultimately sentenced to 25 years behind bars on March 28, 2024. Additionally, he was ordered to pay $11 billion in restitution.
During his sentencing, Bankman-Fried acknowledged the harm suffered by FTX customers and offered an apology to his former colleagues